Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The assets and liabilities measured at fair value were:

	June 30, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	326	$	326	$	—	$	—	$	356	$	356	$	—	$	—
Restricted cash and cash equivalents (a)	1		1		—		—		1		1		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	327		327		—		—		357		357		—		—
Special use funds (a):
Money market fund	1		1		—		—		1		1		—		—
Commingled debt fund measured at NAV (c)	11		—		—		—		13		—		—		—
Commingled equity fund measured at NAV (c)	10		—		—		—		11		—		—		—
Total special use funds	22		1		—		—		25		1		—		—
Price risk management assets (d):
Gas contracts	1		—		1		—		25		—		25		—
Total assets	$	350	$	328	$	1	$	—	$	407	$	358	$	25	$	—
Liabilities
Price risk management liabilities (d):
Interest rate swaps	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
Gas contracts	(23)		—		(23)		—		66		—		10		56
Total price risk management liabilities	$	(16)	$	—	$	(16)	$	—	$	73	$	—	$	17	$	56
PPL Electric
Assets
Cash and cash equivalents	$	26	$	26	$	—	$	—	$	25	$	25	$	—	$	—
Total assets	$	26	$	26	$	—	$	—	$	25	$	25	$	—	$	—
LG&E
Assets
Cash and cash equivalents	$	7	$	7	$	—	$	—	$	93	$	93	$	—	$	—
Total assets	$	7	$	7	$	—	$	—	$	93	$	93	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
Total price risk management liabilities	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
KU
Assets
Cash and cash equivalents	$	9	$	9	$	—	$	—	$	21	$	21	$	—	$	—
Total assets	$	9	$	9	$	—	$	—	$	21	$	21	$	—	$	—

(a)Included in "Other current assets" on the Balance Sheets.

(b)Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows.

(c)In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets.

(d)Current portion is included in "Other current asset" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.

A reconciliation of net assets and liabilities classified as Level 3 for the six months ended June 30 is as follows:

	Gas Contracts
2023
Balance at beginning of period	$	56
Settlements	(56)
Balance at end of period	$	—

Fair Value, by Balance Sheet Grouping

The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below.

	June 30, 2023				December 31, 2022
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	14,572	$	13,613	$	13,243	$	12,239
PPL Electric	4,655		4,432		4,486		4,259
LG&E	2,404		2,236		2,307		2,128
KU	3,003		2,722		2,920		2,616

(a)Amounts are net of debt issuance costs.